Stocks Eke Out Gains After MLK Day
U.S. stocks were closed yesterday in observance of Martin Luther King Day and barely finished in the green today, with the Dow up only 4.5 points. Crude oil fell another 5% to $46.13 a barrel today, causing investors to be concerned yet again. Baker Hughes (BHI) announced today plans to lay over 7,000 employees, nearly 11% of their workforce, as the price of crude oil has now fallen a whopping 60%. Shake Shack revealed plans to sell it shares to the public for $14-$16 a share, which would give the company an implied value of $533 million.